TotalEnergies sells 40% of Nigerian licenses to Chevron

TotalEnergies announced on Monday that it will sell to Chevron a 40% share in two offshore exploration licences in Nigeria, a move designed to strengthen collaboration between the French energy giants and the U.S. counterparts.

After the sale, TotalEnergies, Chevron and South Atlantic Petroleum will all have 40% of the ownership.

Nigeria is responsible for 8.5% of TotalEnergies’ global hydrocarbons and more than one-third of TotalEnergies’ African oil and natural gas production. However, its output has decreased by about a quarter in the last two decades.

It has now streamlined its African portfolio by focusing on the assets that it controls while looking for new sources of supply.

Total's Senior Vice President of Exploration, Nicola Mavilla said that the new joint venture aims to derisk and develop new opportunities in Nigeria... in order to unlock new resources within the West Delta basin.

As part of a joint exploration venture between the majors, Chevron sold Total 25% of a portfolio consisting of 40 U.S. federal off-shore leases in June for an amount that was not disclosed.

(source: Reuters)